Co-founder Dominik Schiener said that some of the major Asian venture capital firms and crypto hedge funds will invest $100 million to further develop apps on a new blockchain called Assembly under the IOTA network.
IOTA is a blockchain-like distributed ledger network. According to Schiener, the Assembly will focus on decentralized finance (Defi), non-fungible tokens (NFTs), and cryptocurrency games.
Two of the fastest-growing crypto industries are DeFi projects, which provide crypto-denominated financing outside of traditional banking, and NFTs, which are digital assets confirmed to be unique and not interchangeable. To accommodate rising demand, many blockchain companies throughout the world have shifted their focus to this area.
Assembly, a smart contract network akin to the Ethereum blockchain that was released last month by the Berlin-based research and engineering firm IOTA Foundation, will serve as the foundation for DeFi, NFT, and gaming applications. Smart contracts are self-executing transactions that rely on pre-programmed inputs to produce their results.
LD Capital, Signum Capital, Huobi Ventures, UOB Venture Management, HyperChain Capital, and Du Capital are among the Asian investment firms that have pledged $100 million to the Assembly network’s expansion, according to Schiener. GSR, a cryptocurrency exchange, would also contribute to the $100 million investment, he said.
Assembly’s beta or test version is now live, according to Schiener, and will be officially launched with its own coin next year. Assembly’s developers, creators, and early contributors will be rewarded with over 70% of the token supply.
